FRANCE. Pernod Ricard has completed the sale of its whisky brands Glen Grant as well as Old Smuggler and Braemar to Campari for €115 million and €15 million respectively.
The latest sell-off completes Pernod Ricard’s disposal programme following last year’s Allied Domecq acquisition and enables the group to reduce debt.
Pernod Ricard has already transferred to Fortune Brands the brands Canadian Club, Courvoisier, Sauza and Maker’s Mark, and has sold its shareholdings in Britvic and Dunkin’ Brands.
In a statement, Pernod Ricard said it “wishes every success to its employees joining Campari and to the Campari staff in the development of their new brands”.
The deal marks The Campari Group’s entrance into the Scotch whisky category. Glen Grant is the world’s second best-selling single malt whisky and the brand leader in Italy’s whisky market.
MORE STORIES ON PERNOD RICARD
Pernod Ricard, Corby in Canadian market tie-up – 08/03/06
Pernod Ricard nets US$1.7 billion from Dunkin’ sale – 02/03/06
Pernod makes Fortune as it divests Allied assets – 01/02/06
Campari enters Scotch whisky market with Glen Grant – 23/12/05
